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Daily Briefing – Thursday, December 21, 2017

Europe

Germany’s Producer Price Index rose less than anticipated to 2.5% – the smallest climb in 4 months. In Europe, the current account surplus fall to €30.8, below the €39.2 recorded last month. The EURUSD rose yesterday by 0.32%. Sterling on the other hand, fell against the greenback by 0.11% on the news that the IMF had lowered the UK’s GDP growth forecast. All eyes on the EU’s Consumer Confidence figures today.

 

US

Despite the tax overhaul in the US, the dollar’s performance against other major currencies has been mixed. The loonie has risen pending Canadian economic data out today, including Retail Sales and the Consumer Price Index as did the EUR yesterday. How will the USD perform today? Keep an eye on reaction to the Philly Fed Manufacturing Survey this afternoon.

 

 

Asia/Oceania

The NZD didn’t do too well yesterday, falling after the Global Dairy Trade (GDT) index fell 3.9%, trade data also showed a larger than expected deficit. How will the kiwi perform today? Business confidence has risen among Asian companies during the last months. The Thomson Reuters/Insead Asian Business Sentiment Index which represents a six-month outlook of 94 firms, went up to 78 for December, up from 69 three months ago. Positive sentiment in Australia, China and South Korea has seen gains in the overall index.

 

 

Commodities

Overtaken by the Bitcoin frenzy, investors may have overlooked smaller and less expensive cryptos that could hold promise. Litecoin has grown by more than 7000% in the past year. At the beginning of 2017, Litecoin was worth $4.33. On December 20 it had shot up to $329.37. With analysts saying that Bitcoin has peaked, can the same be said of ether digital currencies?

 

 

Shares

Nike (NKE) and AAR (AIR) will be releasing their quarterly earnings report today after the markets close. Keep an eye on share movement for a good investment opportunity.

 

Today’s Events

12:30 GMT USD: Philadelphia Fed Manufacturing Survey
13:30 GMT CAD: Retail Sales & BOC Consumer Price Index
15:00 GMT EUR: Gross Domestic Product

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